DRILLING COMMENCES AT MINOS AND HOPEFUL HILL

Indiana Resources Embarks on Combined REE and Gold Programme

Indiana Resources Limited (ASX: IDA) (‘Indiana’) has commenced Reverse Circulation (RC) and Air Core (AC) drilling at the Minos Prospect within its 100% owned 5,713 km² Central Gawler Craton Exploration Project (CGCP) in South Australia. This programme aims to extend and confirm known gold and REE target zones at Minos, and at Hopeful Hill, complete the RC drilling as part of a co-funded exploration grant received from the SA government.

Highlights:

  • Drilling at Minos includes a combined REE and gold programme.
  • RC drilling at Minos consists of 5 holes planned for 630m, targeting a 600m strike length of high-grade gold results.
  • AC drilling at Minos involves 8 holes planned for 590m, aiming to extend known mineralisation and provide material for metallurgical test work.
  • RC drilling at Hopeful Hill includes 3 holes for 600m, supported by a co-funded grant from the South Australian Government.
  • The combined programme is expected to be completed in 8-10 days.
  • Assay results are anticipated in August 2024.
  • Additional approvals have been received for exploration across 1,562km² at Moolkra, Double Dutch, and Hopeful Hill.

Company Comment – Executive Chair Bronwyn Barnes:

Having spent considerable time reviewing historic results across the South Australian tenement package we are pleased to be back on the ground drilling at Minos. The drilling to date has delivered a number of impressive gold and rare earth targets, and this programme has been designed to extend the discovery zones. Results from this programme will support the expansion of our exploration programme for the remainder of the year as we continue to focus on the REE and gold mineralisation at Minos.

We are also very pleased to have received further exploration approvals from the Government of South Australia which will enable us to advance activities at high priority areas of Moolkra, Double Dutch and Hopeful Hill. These target areas host historic high grade gold intercepts which we have been unable to access until now. We will now progress discussions with native title parties to support land access and progress technical work to plan future exploration programmes at these areas.

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